The Pakistan Credit Rating Agency Limited

Rating Report
Report Contents
1. Rating Analysis
Mobilink Microfinance Bank Limited | PPTFC | Dec-22 2. Financial Information
3. Rating Scale
4. Regulatory and Supplementary Disclosure

Rating History
Dissemination Date Long Term Rating Short Term Rating Outlook Action Rating Watch
02-Feb-2023 A- - Stable Initial -
16-May-2022 A- - Stable Preliminary -

Rating Rationale and Key Rating Drivers

The ratings take comfort from the bank's association with a leading global group – Veon Microfinance Holdings B.V (VMH) -
and with Pakistan's largest cellular operator – Jazz (formerlyMobilink). Sponsor’s commitment to the bank is witnessed in the
form of both technical collaboration and financial support. Ensuing synergies have strengthened the bank's penetration intarget
markets. The management's confidence lies in keeping this segment's margins sustained and bring it at the forefront of mobile
banking services, amidst rising competition. The bank held a market share of ~9% in the microfinance industry’s Gross loan
portfolio as at End-Dec'21. While growth strategies for the Bank have been taken under consideration, overall performance
indicators reflected a firm outlook in CY21 despite of economic slowdown, lately exacerbated by the aftermaths of global
pandemic spread. Consequently, the Bank’s GLP upsurged. Asset quality impaired on account of expiry of SBP’s deferment
scheme period, along-with small portion being unprovided. The Bank has been maintaining a provisioning cushion of 2%
(instead of 1%required). Markup earned and net markup income increased in line with GLP. Consequently, the Bank reported
bottom-line of PKR 728mln in CY21 (CY20: 530mln).

The ratings are dependent upon the bank’s ability to aptly combat the emerging risks under the current scenario in order to keep
its business and financial risk profile intact. Meanwhile, the bank’s propensity to protect its performance indicators amidst
constrained business environment, is imperative.

Name of Rated Entity
Type of Relationship
Purpose of the Rating
Applicable Criteria
Related Research
Rating Analysts
Disclosure
Mobilink Microfinance Bank Limited | PPTFC | Dec-22
Solicited
Debt Instrument Rating
Methodology | Microfinance Institution Rating(Jun-22),Methodology | Debt Instrument
Rating(Jun-22),Methodology | Rating Modifiers(Jun-22)
Sector Study | Microfinance(Sep-22)
Muhammad Atif Chaudhry | Atif.Chaudhry@pacra.com | +92-42-35869504

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 Microfinance
The Pakistan Credit Rating Agency Limited
Issuer Profile

Profile Mobilink Microfinance Bank Limited (hereinafter referred to as “The Bank”) was incorporated in February 2012, under section 32 of the Companies Ordinance,
1984 (now the Companies Act, 2017). The bank has a network of 105 branches as at End-Dec’21 (End-Dec’20: 100). The head office of the bank is situated in Islamabad.
The Bank commenced its operations in April 2012 and launched branchless banking services under the brand name "JazzCash" in partnership with Pakistan Mobile
Communications Ltd. (Jazz), in November 2012. The Bank offers a range of micro-lending products comprising; (i) Karobar Loan, (ii) Khushhal Kisan Loan, iii) Fori
Cash Loans (iv) Livestock loans (v) House Loan (vi) Tractor Loans (vii) Passbook loan & (viii) Micro-Enterprise Loan. As stated above, it also offers branchless banking
services and is one of the largest digital banks in the country, with ~8 million active mobile wallet accounts.
Ownership The bank is a wholly-owned subsidiary of Global Telecom Holding S.A.E (GTH). GTH is in turn owned by VEON (formerly VimpelCom) – one of the
world’s largest integrated telecommunication services operators, headquartered in the Netherlands – through a majority-owned subsidiary – Wind Telecom. The
ownership structure of the bank is considered stable, as it has a sole ownership of a strong sponsor. VEON is an international telecommunication and technology-oriented
business with a customer base of ~212 million, in ten countries. Business acumen is, therefore, considered strong. VEON's total asset base clocked in at USD 15,921mln
while equity stood at USD 1,505mln, as at End-Dec’21, depicting a robust financial position of the ultimate sponsor.
Governance The overall control vests with a seven-member board of directors. The Board currently comprises four non-executive directors, two independent directors
and one executive director (the CEO of the bank). Mr. Aamir Hafeez Ibrahim is the Chairman of the Board. The directors are experienced professionals, having exposure
in different sectors, including microfinance and telecommunication. The Board exercises its oversight via four committees, namely (i) Audit Committee (ii) Risk
Management & Compliance Committee (iii) HR & Compensation Committee and (iv) IT Committee. M/S A.F. Ferguson & Co. Chartered Accountants are the external
auditors of the bank. They expressed an unqualified opinion on the financial statements for the year ended 2021.
Management The Bank has divided its organization structure into different departments with each department head reporting directly to the CEO, while the head of the
internal audit department, reports to the Audit Committee. Team Mr. Ghazanfar Azzam – the President and CEO – carries over ~35 years of experience in consumer, SME
and micro banking segments. He is assisted by an experienced management team. The Bank has five management committees in place. The committee meetings are
conducted on a frequent basis to ensure smooth flow of processes. Detailed MIS reports are generated for the senior management on a daily and monthly basis pertaining
to loan portfolio, disbursements, repayments, delinquencies, provisioning, recoveries, and deposits. A separate Risk Management Department is in place to oversee
various risks including credit, operational and market risks. The Risk Management Committee meets on a regular basis to ensure the risk profile of the Bank remains
within the Board of Directors’ approved limits. Backboned with strong sponsors and a natural affiliation with the telecom industry, the bank is equipped with sound
technological infrastructure. It deploys Temenos (T24) as its core banking software. The bank has in place Middleware, an innovative technological platform, to facilitate
branchless banking operations, ATM service, Utility bills payment, and G2P payments.
Business Risk Pakistan Microfinance Industry (MFI) comprises of 50 microfinance providers including 30 microfinance institutions (MFIs). During CY21, active
borrowers of the industry exceeded pre-COVID figure to 8.1 million borrowers after recording growth of 16% compared to CY20. Similarly, the GLP surpassed PKR 390
billion during CY21, an increase of 21% compared to CY20. The growth in active borrowers and GLP continues to be driven by the MFB peer group as they managed to
add over one million clients and PKR 52 billion in GLP. NBMFC peer group also contributed to portfolio growth with an addition of PKR 16.7 billion. In case of MFBs,
PAR > 30 days increased to 5.1% (CY20: 3.3%) on account of expiration of loan deferment period allowed by SBP. However, the PAR > 30 days of MFIs recovered to
report at 2.9% in CY21 (CY20: 4.7%). The Bank catered to 22% of the active borrowers of the microfinance industry as at End-Dec’21, grabbing a 9% market share in
terms of Gross Loan Portfolio. On the other hand, the bank secured a share of 13% of total deposits in the industry, as at End-Dec’21. During 6 M CY22, mark-up income
earned by the Bank increased to PKR 7,848mln (6MCY21: PKR 4,647mln) with a considerable increase of 69%. Loss from branchless banking in 6MCY22 clocked in at
PKR 884mln. Markup expense for 6MCY22 increased by 68% to PKR 1,237mln (6MCY21: PKR 737mln). The Bank witnessed an upsurge of 73% in its non-markup
expense to PKR 4,464mln (6MCY21: PKR 2,724mln). The Bank’s provisioning expense increased to PKR 1,041mln (6MCY21: PKR 198mln), indicating a surge of 4.3x.
Consequently, net income decreased to PKR 272mln during 6MCY22 (6MCY21: PKR 866mln). The bank plans to persist in strengthening its branchless banking
operations. Micro-deposits continue to add strength to the bank's performance indicators. The number of M-Wallet accounts has increased, bearing low cost and thereby
enhancing profitability. The bank's business model encompasses systems and practices to nurture branchless and core banking results simultaneously. In light of the safety
precautions taken during the global pandemic, the importance of branchless banking, has risen manifold. On the other hand, the effect of Covid-19 will put pressure on the
growth prospects, liquidity and future infection of the loan book, of all industry players.
Financial Risk The Bank’s net advances clocked in at PKR 40,762mln as at End-Jun’22 (End-Dec’21: PKR 37,123mln), depicting a growth of 10%. The Bank's
nonperforming loans increased to PKR 1,369mln (End-Dec’21: PKR 1,247mln). The infection ratio stood at 3.2% as at End-Jun’22 (End-Dec’21: 3.2%). The Bank's
exposure to market risk is low due to factors such as (i) nil investments in money market funds (ii) nil borrowings and (iii) a significant portion of zero cost BB deposits in
the funding base. The Bank's advances to deposit ratio (ADR) clocked in at 75% at End-Jun’22 (End-Dec’21: 64%) indicating significant growth in the loan book.
Funding solely constitutes deposit mobilization, which is majorly inclined towards current BB account deposits of low-ticket sizes in the range of PKR 100 to PKR 1,000.
As at End- Jun’22, the total deposits of the bank stood at PKR 55,144mln (End-Dec’21: PKR 58,658mln). Liquidity profile remained comfortable with available funds
invested in Government Securities that yielded sanguine returns. The bank's liquid assets-to deposits ratio denotes a healthy profile. Capital Adequacy Ratio (CAR) stood
at 15.69% as at End-Jun’22 (End-Dec’21: 16.1%), above the regulatory benchmark. Equity base increased to PKR 6,467mln (CY21: PKR 6,141mln), indicating a rise of
5.3%.
Instrument Rating Considerations

About The Instrument Mobilink Microfinance Bank Limited has issued Rated, Privately Placed Listed/ DSLR, Unsecured, Subordinated, Tier II Term Finance
Certificates (TFC) of PKR 2,000mln to contribute towards the bank’s Tier II capital for complying with the Minimum Capital Requirements (MCR) and Capital
Adequacy Ratio (CAR) requirement prescribed by the SBP for Microfinance Banks. The instrument has a tenor of 07 years from the date of issue. The first such profit
payment is falling due at the end of sixth (6th) months from the Issue Date and subsequently every six (06) months thereafter, with rate of 6MK+210bps. The principal of
TFC shall be redeemed in four equal installments commencing from the end of 66th from the issue date. The issuer may call the TFCs, in parts or in full, after five years
from the issue date on the principal redemption date, thereafter, subject to prior approval from the State Bank. Further, the call option is exercisable if MMBL's MCR, LR
and CAR requirements are in compliance with requirements prescribed by SBP. As per the lock-in clause requirement for tier II issues, neither profit nor principal would
be payable (even at maturity), if such payment will result in a shortfall in Bank's minimum capital requirement, leveraged ratio or capital adequacy ratio or results in an
increase in any existing shortfall in MCR, LR or CAR. The TFC will be subject to loss absorbency clause, upon the occurrence of a point of Non-Viability event, SBP
may fully or permanently convert the TFCs into common shares of the Bank.
Relative Seniority/Subordination Of Instrument The instrument will rank pari passu with other Tier II instruments and superior to any Additional Tier I instruments.
Credit Enhancement The instrument is unsecured.

Mobilink Microfinance Bank Limited | PPTFC | Dec-22 Jan-23

Rating Report www.PACRA.com
Bank
R mln 0 0 0 PKR mln
mited PKR mln
Mobilink Microfinance Bank Jun-22 Dec-21 Dec-20 Dec-19
Public Unlisted Company 6M 12M 12M 12M

A BALANCE SHEET

1 Total Finances - net 40,762 37,123 24,510 14,953

2 Investments 5,891 13,266 12,074 5,252
3 Other Earning Assets 3,136 3,241 5,419 10,824
4 Non-Earning Assets 16,716 15,189 14,286 7,026
5 Non-Performing Finances-net 374 341 (287) 120
Total Assets 66,880 69,159 56,003 38,175
6 Deposits 55,144 58,658 46,807 29,225
7 Borrowings 1,278 - - -
8 Other Liabilities (Non-Interest Bearing) 3,990 4,360 3,792 4,091
Total Liabilities 60,412 63,018 50,599 33,316
Equity 6,467 6,141 5,404 4,859

B INCOME STATEMENT

1 Mark Up Earned 7,848 11,082 6,683 5,304

2 Mark Up Expensed (1,237) (1,697) (1,599) (962)
3 Non Mark Up Income (834) (364) (106) 159
Total Income 5,777 9,021 4,978 4,501
4 Non-Mark Up Expenses (4,464) (6,981) (4,029) (2,775)
5 Provisions/Write offs/Reversals (1,041) (988) (202) (460)
Pre-Tax Profit 272 1,052 747 1,266
6 Taxes (44) (324) (216) (345)
Profit After Tax 228 728 530 921

C RATIO ANALYSIS

1 Performance
Net Mark Up Income / Avg. Assets 19.4% 15.0% 10.8% 13.1%
Non-Mark Up Expenses / Total Income 77.3% 77.4% 80.9% 61.7%
ROE 7.2% 12.6% 10.3% 20.9%
2 Capital Adequacy
Equity / Total Assets (D+E+F) 9.7% 8.9% 9.6% 12.7%
Capital Adequacy Ratio 16.1% 16.1% 17.8% 23.9%
3 Funding & Liquidity
Liquid Assets / (Deposits + Borrowings Net of Repo) 23.5% 36.2% 45.2% 62.5%
(Advances + Net Non-Performing Advances) / Deposits 74.6% 63.9% 51.8% 51.6%
Demand Deposits / Deposits 60.1% 60.1% 62.0% 63.8%
SA Deposits / Deposits 22.9% 22.9% 16.1% 13.3%
4 Credit Risk
Non-Performing Advances / Gross Advances 3.2% 3.2% 0.3% 3.8%
Non-Performing Finances-net / Equity 5.8% 5.5% -5.3% 2.5%
 Corporate Rating Criteria
Qualitative Considerations
Criteria – Cross-Sector Qualitative Rating Considerations
Methodology – Asset Manager Rating
Scale
Criteria – Cross-Sector Qualitative Rating Considerations
Methodology – Asset Manager Rating
Cross-Sector Rating
Scale – Credit Rating

Credit Rating
Credit rating reflects forward-looking opinion on credit worthiness of underlying entity or instrument; more specifically it covers relative ability to honor
financial obligations. The primary factor being captured on the rating scale is relative likelihood of default.

Long-term Rating Short-term Rating

Scale Definition Scale Definition
A1+ The highest capacity for timely repayment.
Highest credit quality. Lowest expectation of credit risk. Indicate exceptionally strong
AAA A strong capacity for timely
capacity for timely payment of financial commitments A1
repayment.
AA+ A satisfactory capacity for timely
Very high credit quality. Very low expectation of credit risk. Indicate very strong repayment. This may be susceptible to
AA A2
capacity for timely payment of financial commitments. This capacity is not significantly adverse changes in business,
vulnerable to foreseeable events. economic, or financial conditions.
AA- An adequate capacity for timely repayment.
A3 Such capacity is susceptible to adverse
A+ changes in business, economic, or financial
High credit quality. Low expectation of credit risk. The capacity for timely payment of The capacity for timely repayment is more
A financial commitments is considered strong. This capacity may, nevertheless, be susceptible to adverse changes in business,
vulnerable to changes in circumstances or in economic conditions. A4
economic, or financial conditions. Liquidity
A- may not be sufficient.
BBB+ Short-term Rating
Good credit quality. Currently a low expectation of credit risk. The capacity for timely A1+ A1 A2 A3 A4
BBB payment of financial commitments is considered adequate, but adverse changes in AAA
circumstances and in economic conditions are more likely to impair this capacity. AA+
BBB- AA
BB+ AA-
Moderate risk. Possibility of credit risk developing. There is a possibility of credit risk
A+
developing, particularly as a result of adverse economic or business changes over time;
BB A
however, business or financial alternatives may be available to allow financial

Long-term Rating
commitments to be met. A-
BB- BBB+
B+ BBB
High credit risk. A limited margin of safety remains against credit risk. Financial BBB-
B commitments are currently being met; however, capacity for continued payment is BB+
contingent upon a sustained, favorable business and economic environment. BB
B- BB-
CCC B+
Very high credit risk. Substantial credit risk “CCC” Default is a real possibility.
B
Capacity for meeting financial commitments is solely reliant upon sustained, favorable
CC B-
business or economic developments. “CC” Rating indicates that default of some kind
CCC
appears probable. “C” Ratings signal imminent default.
C CC
C
D Obligations are currently in default. *The correlation shown is indicative and, in certain
cases, may not hold.

Outlook (Stable, Positive,
Negative, Developing) Indicates
the potential and direction of a
rating over the intermediate term in
response to trends in economic
and/or fundamental
business/financial conditions. It is
not necessarily a precursor to a
rating change. ‘Stable’ outlook
means a rating is not likely to
change. ‘Positive’ means it may be
raised. ‘Negative’ means it may be
lowered. Where the trends have
conflicting elements, the outlook
may be described as ‘Developing’.
Rating Watch Alerts to the
possibility of a rating change
subsequent to, or, in
anticipation of some material
identifiable event with
indeterminable rating
implications. But it does not
mean that a rating change is
inevitable. A watch should be
resolved within foreseeable
future, but may continue if
underlying circumstances are
not settled. Rating watch may
accompany rating outlook of
the respective opinion.
Suspension It is not Withdrawn A rating is Harmonization A
possible to update an withdrawn on a) change in rating due to
opinion due to lack termination of rating revision in applicable
of requisite mandate, b) the debt methodology or
information. Opinion instrument is underlying scale.
should be resumed in redeemed, c) the rating
foreseeable future. remains suspended for
However, if this six months, d) the
does not happen entity/issuer defaults.,
within six (6) or/and e) PACRA finds
months, the rating it impractical to surveill
should be considered the opinion due to lack
withdrawn. of requisite
information.

Surveillance. Surveillance on a publicly disseminated rating opinion is carried out on an ongoing basis till it is formally suspended or withdrawn. A
comprehensive surveillance of rating opinion is carried out at least once every six months. However, a rating opinion may be reviewed in the
intervening period if it is necessitated by any material happening.

Note. This scale is applicable to the following methodology(s): a) Broker Entity Rating e) Holding Company Rating
b) Corporate Rating f) Independent Power Producer Rating
c) Debt Instrument Rating g) Microfinance Institution Rating
d) Financial Institution Rating h) Non-Banking Finance Companies Rating

Disclaimer: PACRA has used due care in preparation of this document. Our information has been obtained from sources we consider to be reliable but
its accuracy or completeness is not guaranteed. PACRA shall owe no liability whatsoever to any loss or damage caused by or resulting from any error
in such information. Contents of PACRA documents may be used, with due care and in the right context, with credit to PACRA. Our reports and
ratings constitute opinions, not recommendations to buy or to sell.
 Regulatory and Supplementary Disclosure
(Credit Rating Companies Regulations,2016)

Rating Team Statements

(1) Rating is just an opinion about the creditworthiness of the entity and does not constitute recommendation to buy, hold or sell any security of the
entity rated or to buy, hold or sell the security rated, as the case may be | Chapter III; 14-3-(x)

2) Conflict of Interest
i. The Rating Team or any of their family members have no interest in this rating | Chapter III; 12-2-(j)
ii. PACRA, the analysts involved in the rating process and members of its rating committee, and their family members, do not have any conflict of
interest relating to the rating done by them | Chapter III; 12-2-(e) & (k)
iii. The analyst is not a substantial shareholder of the customer being rated by PACRA [Annexure F; d-(ii)] Explanation: for the purpose of above clause,
the term “family members” shall include only those family members who are dependent on the analyst and members of the rating committee

Restrictions
(3) No director, officer or employee of PACRA communicates the information, acquired by him for use for rating purposes, to any other person except
where required under law to do so. | Chapter III; 10-(5)
(4) PACRA does not disclose or discuss with outside parties or make improper use of the non-public information which has come to its knowledge
during business relationship with the customer | Chapter III; 10-7-(d)
(5) PACRA does not make proposals or recommendations regarding the activities of rated entities that could impact a credit rating of entity subject to
rating | Chapter III; 10-7-(k)

Conduct of Business
(6) PACRA fulfills its obligations in a fair, efficient, transparent and ethical manner and renders high standards of services in performing its functions
and obligations; | Chapter III; 11-A-(a)
(7) PACRA uses due care in preparation of this Rating Report. Our information has been obtained from sources we consider to be reliable but its
accuracy or completeness is not guaranteed. PACRA does not, in every instance, independently verifies or validates information received in the rating
process or in preparing this Rating Report | Clause 11-(A)(p).
(8) PACRA prohibits its employees and analysts from soliciting money, gifts or favors from anyone with whom PACRA conducts business | Chapter III;
11-A-(q)
(9) PACRA ensures before commencement of the rating process that an analyst or employee has not had a recent employment or other significant
business or personal relationship with the rated entity that may cause or may be perceived as causing a conflict of interest; | Chapter III; 11-A-(r)
(10) PACRA maintains principal of integrity in seeking rating business | Chapter III; 11-A-(u)
(11) PACRA promptly investigates, in the event of a misconduct or a breach of the policies, procedures and controls, and takes appropriate steps to
rectify any weaknesses to prevent any recurrence along with suitable punitive action against the responsible employee(s) | Chapter III; 11-B-(m)

Independence & Conflict of interest

(12) PACRA receives compensation from the entity being rated or any third party for the rating services it offers. The receipt of this compensation has
no influence on PACRA´s opinions or other analytical processes. In all instances, PACRA is committed to preserving the objectivity, integrity and
independence of its ratings. Our relationship is governed by two distinct mandates i) rating mandate - signed with the entity being rated or issuer of the
debt instrument, and fee mandate - signed with the payer, which can be different from the entity
(13) PACRA does not provide consultancy/advisory services or other services to any of its customers or to any of its customers’ associated companies
and associated undertakings that is being rated or has been rated by it during the preceding three years unless it has adequate mechanism in place
ensuring that provision of such services does not lead to a conflict of interest situation with its rating activities; | Chapter III; 12-2-(d)
(14) PACRA discloses that no shareholder directly or indirectly holding 10% or more of the share capital of PACRA also holds directly or indirectly
10% or more of the share capital of the entity which is subject to rating or the entity which issued the instrument subject to rating by PACRA; |
Reference Chapter III; 12-2-(f)
(15) PACRA ensures that the rating assigned to an entity or instrument is not be affected by the existence of a business relationship between PACRA and
the entity or any other party, or the non-existence of such a relationship | Chapter III; 12-2-(i)
(16) PACRA ensures that the analysts or any of their family members shall not buy or sell or engage in any transaction in any security which falls in the
analyst’s area of primary analytical responsibility. This clause shall, however, not be applicable on investment in securities through collective
investment schemes. | Chapter III; 12-2-(l)
(17) PACRA has established policies and procedure governing investments and trading in securities by its employees and for monitoring the same to
prevent insider trading, market manipulation or any other market abuse | Chapter III; 11-B-(g)

Monitoring and review

(18) PACRA monitors all the outstanding ratings continuously and any potential change therein due to any event associated with the issuer, the security
arrangement, the industry etc., is disseminated to the market, immediately and in effective manner, after appropriate consultation with the entity/issuer; |
Chapter III | 18-(a)
(19) PACRA reviews all the outstanding ratings on semi-annual basis or as and when required by any creditor or upon the occurrence of such an event
which requires to do so; | Chapter III | 18-(b)
(20) PACRA initiates immediate review of the outstanding rating upon becoming aware of any information that may reasonably be expected to result in
downgrading of the rating; | Chapter III | 18-(c)
(21) PACRA engages with the issuer and the debt securities trustee, to remain updated on all information pertaining to the rating of the entity/instrument;
| Chapter III | 18-(d)
Probability of Default
(22) PACRA´s Rating Scale reflects the expectation of credit risk. The highest rating has the lowest relative likelihood of default (i.e, probability).
PACRA´s transition studies capture the historical performance behavior of a specific rating notch. Transition behavior of the assigned rating can be
obtained from PACRA´s Transition Study available at our website. (www.pacra.com). However, actual transition of rating may not follow the pattern
observed in the past | Chapter III | 14-(f-VII)
Proprietary Information
(23) All information contained herein is considered proprietary by PACRA. Hence, none of the information in this document can be copied or, otherwise
reproduced, stored or disseminated in whole or in part in any form or by any means whatsoever by any person without PACRA’s prior written consent

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 Regulatory and Supplementary Disclosure

Size of Issue Book Value of

Nature of Instrument Tenor Security Nature of Assets Trustee
(PKR) Assets (PKR mln)

Rated, Unsecured,
Subordinated,
Privately Placed&
Subsequently Listed
under Privately
7 years from the
Placed Debt PKR 2,000mln Unsecured N/A N/A
date of issue
Securities' Listing
Regulations ("DSLR")
Listed Tier II Term
Finance Certificates
"TFCs"

Name of Issuer Mobilink Microfinance Bank Limited

Issue Date 23-Nov-22
Maturity 23-Nov-29
Profit Rate 6MK+2.1%

Mobilink Microfinance Bank Limited | PPTFC | TBI Redemption Schedule

Markup/Profit Principal Principal

Due Date Principal Opening Principal Markup/Profit Rate Total
Sr. 6M Kibor Payment Payment Outstanding
(6MK+2.1%)
PKR PKR
Issue Date 23-Nov-22 2,000,000,000 - - 2,000,000,000
1 23-May-23 2,000,000,000 15.87% 17.97% 178,223,014 178,223,014 2,000,000,000
2 23-Nov-23 2,000,000,000 15.87% 17.97% 181,176,986 181,176,986 2,000,000,000
3 23-May-24 2,000,000,000 15.87% 17.97% 179,207,671 179,207,671 2,000,000,000
4 23-Nov-24 2,000,000,000 15.87% 17.97% 181,176,986 181,176,986 2,000,000,000
5 23-May-25 2,000,000,000 15.87% 17.97% 178,223,014 178,223,014 2,000,000,000
6 23-Nov-25 2,000,000,000 15.87% 17.97% 181,176,986 181,176,986 2,000,000,000
7 23-May-26 2,000,000,000 15.87% 17.97% 178,223,014 178,223,014 2,000,000,000
8 23-Nov-26 2,000,000,000 15.87% 17.97% 181,176,986 181,176,986 2,000,000,000
9 23-May-27 2,000,000,000 15.87% 17.97% 178,223,014 178,223,014 2,000,000,000
10 23-Nov-27 2,000,000,000 15.87% 17.97% 181,176,986 181,176,986 2,000,000,000
11 23-May-28 2,000,000,000 15.87% 17.97% 179,207,671 500,000,000 679,207,671 1,500,000,000
12 23-Nov-28 1,500,000,000 15.87% 17.97% 135,882,740 500,000,000 635,882,740 1,000,000,000
13 23-May-29 1,000,000,000 15.87% 17.97% 89,111,507 500,000,000 589,111,507 500,000,000
14 23-Nov-29 500,000,000 15.87% 17.97% 45,294,247 500,000,000 545,294,247 -

2,247,480,822 2,000,000,000 4,247,480,822

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